Nasdaq, Inc.
- Open
- 91.72
- Day high
- 95.26
- Day low
- 91.00
- Prev close
- 91.36
- Volume
- 8.1M
- Mkt cap
- $51.8B
- P/E (TTM)
- 27.3
- EPS (TTM)
- $3.46
- P/B
- 4.3
- P/S
- 6.3
- Yield
- 1.22%
- Per share
- $1.12
- ▲Insiders net buying $1.7M over the last 3 months (1 open-market buy, 7 sales)
- 🏛Institutions mixed (13F)
Nasdaq, Inc. (NDAQ) is a Financial Services company listed on NASDAQ. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 7 sales (SEC Form 4). Drillr has 3 published research articles covering NDAQ.
Nasdaq, Inc. (NDAQ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NDAQ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.93 | $0.96 | +3.2% | $1.4B | +2.6% |
| Jan 29, 2026 | $0.92 | $0.96 | +4.1% | $2.1B | +52.2% |
| Oct 21, 2025 | $0.85 | $0.88 | +3.3% | $2.0B | +50.2% |
| Jul 24, 2025 | $0.81 | $0.85 | +4.4% | $2.1B | +63.6% |
| Apr 24, 2025 | $0.77 | $0.79 | +2.5% | $2.1B | +69.8% |
| Jan 29, 2025 | $0.74 | $0.76 | +2.7% | $2.0B | +65.5% |
| Oct 24, 2024 | $0.69 | $0.74 | +6.6% | $1.9B | +62.5% |
| Jul 25, 2024 | $0.64 | $0.69 | +7.5% | $1.8B | +58.5% |
| Apr 25, 2024 | $0.65 | $0.63 | -3.5% | $1.7B | +50.3% |
| Jan 31, 2024 | $0.70 | $0.72 | +2.9% | $1.6B | +54.4% |
| Oct 18, 2023 | $0.68 | $0.71 | +4.4% | $1.5B | +51.4% |
| Jul 19, 2023 | $0.65 | $0.71 | +9.2% | $1.4B | +56.6% |
NDAQ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Smith Bryan Everardofficer: EVP, CPO | Sell | 3,000 | $80.00 |
| Jun 15, 2026 | INVESTOR AB10 percent owner | Buy | 56,782 | $85.98 |
| Jun 15, 2026 | Smith Bryan Everardofficer: EVP, CPO | Sell | 3,000 | $86.91 |
| Jun 12, 2026 | Torgeby Johandirector | Grant | 2,998 | — |
| Jun 12, 2026 | Koch Kathryn A.director | Grant | 3,171 | — |
| Jun 12, 2026 | SPLINTER MICHAEL Rdirector | Grant | 5,246 | — |
| Jun 12, 2026 | Torgeby Johandirector | Tax | 300 | $86.72 |
| Jun 12, 2026 | ZOLLAR ALFRED Wdirector | Grant | 4,497 | — |
| Jun 12, 2026 | ARNOLDI MELISSAdirector | Grant | 4,324 | — |
| Jun 12, 2026 | Kazim Essadirector | Grant | 4,151 | — |
| Jun 12, 2026 | YABUKI JEFFERY Wdirector | Grant | 4,612 | — |
| Jun 12, 2026 | Townes-Whitley Tonidirector | Grant | 2,998 | — |
| Jun 12, 2026 | Kazim Essadirector | Tax | 622 | $86.72 |
| Jun 12, 2026 | KLOET THOMAS Adirector | Grant | 4,554 | — |
| Jun 12, 2026 | BEGLEY CHARLENE Tdirector | Grant | 2,998 | — |
Source: NDAQ SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full NDAQ insider & 13F page →NDAQ research & analysis
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CFTC's policy action let Polymarket close its first institutional block trade. CME, ICE, and NDAQ sold off on the read-through — the first structural.
CMEICENDAQ Q1: Revenue Climbs to $1.18B as Trading Activity Sustains Post-Volatility Levels
Nasdaq reported Q1 2026 revenue of $1.18 billion, up 8% year-over-year, reflecting sustained market activity levels. The growth sits below the 15% threshold that signals material volume acceleration, suggesting stable rather than breakout trading conditions. Detailed monthly volume metrics and segment-level transaction revenue data will clarify whether the quarter represents trend continuation or early acceleration.
MS Launches Lowest-Cost Bitcoin ETF — COIN and 5 Stocks Set to Capture Institutional Flows
Morgan Stanley's launch of the lowest-cost Bitcoin ETF marks a milestone in institutional adoption, benefiting custodians like COIN and BK, exchanges CME/NDAQ, issuer MS, and proxy MSTR. Analysis ranks COIN top for its ETF custody dominance amid record volumes and diversification. Watch ETF inflows and crypto derivatives growth as key catalysts.
MSTRCOINBK
Nasdaq, Inc. company profile
Overview
Nasdaq, Inc. (NASDAQ:NDAQ) is a leading financial technology company that operates one of the world's largest stock exchanges and provides comprehensive technology solutions to financial markets globally. Founded in 1971 as the world's first electronic stock market, the company has evolved from a traditional exchange operator into a diversified technology provider serving capital markets and other industries worldwide. Originally known as The NASDAQ OMX Group, Inc., the company rebranded to Nasdaq, Inc. in 2015 to better reflect its transformation into a technology-focused enterprise. Today, Nasdaq operates multiple business segments including exchange operations, financial technology solutions, market data services, and corporate governance platforms, serving clients across more than 100 countries.
Business
Nasdaq operates as a comprehensive financial technology company serving capital markets through four primary business segments. Market Services represents the company's traditional exchange operations, running various trading platforms for equities, derivatives, commodities, fixed income, and digital assets. This segment operates The Nasdaq Stock Market, which lists over 4,100 companies including major technology firms, and provides trading, clearing, settlement, and central depository services across multiple asset classes. Capital Access Platforms encompasses three key areas: Data and Listings services that provide market data feeds and listing services to companies seeking to go public; Index products that create and license Nasdaq-branded financial indexes used in ETFs and other investment products; and Workflow and Insights solutions that offer investor relations intelligence and governance tools to public companies. Financial Technology represents Nasdaq's fastest-growing segment, providing mission-critical software solutions to financial institutions. This includes Financial Crime Management Technology (primarily through the Verafin platform) that helps banks detect money laundering and fraud; Regulatory Technology solutions that assist with compliance and risk management; and Capital Markets Technology that provides trading and risk management systems to market operators and financial institutions. Investment Intelligence focuses on selling historical and real-time market data, developing licensed financial products, and providing analytics and workflow solutions to investment professionals. The company's revenue is relatively balanced across segments, with Financial Technology contributing approximately 23% of total revenue, Capital Access Platforms around 28%, Market Services about 15%, and the remainder from other technology and data services.
Revenue model
Nasdaq generates revenue through multiple business models across its diversified platform. The Market Services segment operates on a transaction-based model, earning fees from trading volumes, clearing and settlement services, and market data subscriptions. Revenue fluctuates with market volatility and trading activity, making this segment sensitive to economic cycles and investor sentiment. The Financial Technology segment primarily uses a Software-as-a-Service (SaaS) subscription model, generating recurring revenue through annual contracts with banks and financial institutions. This segment has demonstrated strong growth with Annualized Recurring Revenue (ARR) increasing 12% year-over-year, driven by the integration of acquired companies like Adenza (AxiomSL and Calypso) and organic growth in anti-financial crime solutions. Capital Access Platforms combines multiple revenue streams: listing fees from companies going public or maintaining their listings, subscription-based market data services, and asset-based fees from index products tied to Exchange-Traded Fund (ETF) assets under management. The index business has been particularly strong, with revenue growing 26-31% annually due to increasing ETF adoption and international expansion. Factors that positively impact margins include market volatility driving higher trading volumes, increased regulatory compliance requirements boosting demand for FinTech solutions, growing adoption of passive investing through index products, and successful cross-selling between acquired platforms. Margin pressures come from competitive pricing in exchange services, significant technology infrastructure investments, integration costs from acquisitions, and the need for continuous product development in rapidly evolving financial technology markets. The company's shift toward higher-margin SaaS revenues and away from transaction-dependent income has improved overall margin stability and predictability.
Competitive moat
Nasdaq's competitive moat stems from several interconnected advantages, though the strength varies across business segments. In exchange operations, the company benefits from network effects where liquidity attracts more participants, creating a self-reinforcing cycle. However, this moat faces pressure from alternative trading systems, regulatory changes, and competition from other exchanges. The Financial Technology segment demonstrates a stronger moat through high switching costs and mission-critical nature of its solutions. Banks and financial institutions face significant implementation costs, regulatory risks, and operational disruption when changing core systems like anti-money laundering platforms or risk management software. Once implemented, these systems become deeply embedded in daily operations, creating substantial customer stickiness. The recent integration of Adenza's capabilities has strengthened this position by offering more comprehensive solutions. Index products benefit from first-mover advantages and brand recognition, with many Nasdaq indexes becoming industry standards. However, this segment faces increasing competition from other index providers and pressure on fees from passive investment managers. The company's data and analytics offerings leverage proprietary market data and historical information that would be difficult for competitors to replicate. However, alternative data sources and new technologies pose potential disruption risks. Overall, Nasdaq's moat is moderately strong but not impregnable. The company's diversification across multiple business lines provides some protection, and its ongoing investments in AI and cloud technologies may help maintain competitive advantages. The most significant threats come from regulatory changes that could commoditize exchange services, technological disruption in financial services, and well-funded competitors entering the FinTech space.
Risks & safety
Nasdaq demonstrates a moderate margin of safety with mixed financial strength indicators. **Liquidity and Solvency:** - Current ratio of 0.98 indicates tight short-term liquidity, though this is typical for financial services companies - Cash and short-term investments of $708 million provide reasonable liquidity buffer - Free cash flow of $614 million (Q1 2025) demonstrates strong cash generation capability - Debt-to-equity ratio of 0.84 shows manageable leverage levels, improved from previous periods **Valuation Metrics:** - Price-to-earnings ratio of 27.6x appears elevated relative to historical averages - EV/EBITDA of 24.0x suggests premium valuation - Price-to-book ratio of 3.8x indicates market confidence but limited downside protection - Graham number of $17.61 suggests potential overvaluation at current price of $75.10 **Other Considerations:** - Strong recurring revenue base provides earnings stability - Gross leverage ratio target of 3.3x by end of 2025 shows disciplined debt management - Diversified revenue streams reduce concentration risk - Mission-critical nature of many products provides some demand resilience
Recent development
Over the past few years, Nasdaq has undergone significant strategic transformation focused on three key priorities: integrate, innovate, and accelerate. The most significant development was the $10.5 billion acquisition of Adenza (combining AxiomSL and Calypso) completed in 2023, which substantially expanded the company's financial technology capabilities and created comprehensive risk management and regulatory compliance solutions for banks and financial institutions. The company has successfully integrated these acquisitions, achieving over $100 million in net expense synergies and restructuring operations into focused divisions. This integration has enabled aggressive cross-selling, with 17 cross-sells completed since the acquisition and a target of exceeding $100 million in run-rate revenue from cross-sells by 2027. Artificial Intelligence implementation has become a major strategic focus, with AI Copilot tools rolled out to 100% of developers and AI-powered features embedded across product lines. Notable innovations include dynamic AI-powered order types that increased trading volumes by 20%, AI-enhanced financial crime detection capabilities in Verafin, and generative AI tools for regulatory compliance and risk management. The company has expanded its international presence, particularly in Financial Crime Management Technology, launching Verafin operations in Europe and expanding regulatory technology solutions across France, India, and the Philippines. The Index business has also grown internationally, with 50% of new index products launched outside the US. Cloud and infrastructure modernization represents another key development, including a strategic partnership with AWS to create hybrid cloud infrastructure for market operators. This initiative focuses on scalability, data management, and market connectivity while maintaining the reliability required for financial markets operations.
NDAQ company profile · for informational purposes only — not investment advice.
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